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botulinum toxin outlook 2022
As per Persistence Market Research's latest industry analysis, the global botulinum toxin market recorded market value of US$ 5.1 Bn in 2020, and is projected to expand at a CAGR of 6.9% over the forecast period of 2021-2031.
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Botulinum toxin (onabotulinumtoxina) is a type of neurotoxin that is produced by the bacteria clostridium botulinum. The toxin comes in two forms – type A and type B. This toxin can be used for the treatment of muscle stiffness or spasms, migraine, hyperhidrosis, over reactive bladder, sialorrhea, and also for cosmetic use such as for skin wrinkles, forehead lines, crow's feet, frown lines, dermal fillers, and more.
The post-pandemic period experienced something called as the 'zoom-boom', wherein, most working professionals were constantly using applications for video conferencing such as Zoom, Google Meet, etc., which led them to become more aware about their looks. As such, cosmetic procedures such as Botox treatment, dermal fillers, and others experienced high demand.
For instance, according to the Aesthetic Society, the U.S. population spent more than US$ 9 Bn on plastic surgery in the year 2020.
Frequent approvals of various botulinum toxin products also leads to the cost-effective availability of these products in the market for consumers to choose from. This, in turn, led to growing demand for all kinds of Botox procedures around the world. Therapeutic procedures done using botulinum toxins are non-invasive, which makes them most sought-after.
For instance, in July 2020, Allergan PLC announced FDA approval of its product BOTOX®, a supplemental Biologics License Application (sBLA) for the treatment of muscle spasticity in the lower limbs in pediatric patients above 2 years of age who suffer from cerebral palsy.
Becton Dickinson & Company Cepheid, Inc. Abbott Laboratories bioMerieux SA Hologic, Inc. Danaher Corporation Thermo Fisher Scientific, Inc. Roche Diagnostics Alera Inc. DiaSorin S.p.A. Quidel Corporation Bio-Rad Laboratories, Inc. Other
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Key Takeaways from Market Study
Botulinum toxin A, which can be used for various therapeutic as well as cosmetic dermatological procedures, leads the botulinum toxin market by capturing more than 98% share. Therapeutic uses of this neurotoxin, such as prevention of migraine, and treatment of hyperhidrosis, sialorrhea, over reactive bladder, and muscle spasticity, are more popular than the cosmetic uses of the toxin, and thus, hold more than half of the total market share. Specialty clinics are preferred more than hospitals, spas, or beauty clinics to undergo Botox procedures, and are expected to project a CAGR of 6.9% over the forecast period. Nearly 60% of the global market share is accounted for by the North American region.
“Increased application of botulinum toxins for therapeutic and aesthetic purposes will propel market growth over the next few years,” says an analyst of Persistence Market Research.
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Key Questions Answered in This Report.
What are the Roadblocks for Botulinum Toxin Suppliers? What are the Key Opportunities for Botulinum Toxin Manufacturers? How is Focus on Safety Influencing Botulinum Toxin Demand? What is the Regulatory Impact on Global Sales of Botulinum Toxin? Which Region Offers the Largest Opportunity for Sales of Botulinum Toxin? Where Does the U.S. Stand in the Market for Botulinum Toxin? What Is the Outlook for Botulinum Toxin Manufacturers in China? Why is Germany a Lucrative Market for Botulinum Toxin Manufacturers? Why Will Belgium Outpace Other European Markets for Botulinum Toxin? Why is There High Demand for Tires in Botulinum Toxin? Why are Sales of Botulinum Toxin Surging?
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